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First & Banks

VERIFIED

705 1st Ave SW Rochester, MN

Studio - 3 Bed
•
1 - 2 Bath

642 - 1,739 Sq. Ft.

Available Now
Studio • 1 Bath
$1,775 - $1,975
711 ft2
4 Available
Managed By: First & B of Rochester LLC
Unit 716
$1,975
Available Now
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Unit 729
$1,975
Available Now
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Unit 416
$1,775
Available Now
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Unit 629
$1,800
Available Now
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1 Bed • 1 Bath
$1,799 - $1,885
707 ft2
16 Available
Managed By: First & B of Rochester LLC
Unit 313
$1,799
Available Now
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Unit 315
$1,825
Available Now
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Unit 317
$1,825
Available Now
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Unit 321
$1,825
Available Now
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Unit 323
$1,825
Available Now
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Unit 417
$1,825
Available Now
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Unit 421
$1,825
Available Now
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Unit 423
$1,825
Available Now
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Unit 433
$1,825
Available Now
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Unit 513
$1,850
Available Now
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Unit 515
$1,850
Available Now
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Unit 523
$1,850
Available Now
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Unit 531
$1,850
Available Now
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Unit 527
$1,850
Available Now
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Unit 440
$1,885
Available Now
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Unit 413
$1,825
Available Now
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1 Bed • 1 Bath
$1,930 - $1,955
701 ft2
4 Available
Managed By: First & B of Rochester LLC
Unit 438
$1,930
Available Now
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Unit 538
$1,930
Available Now
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Unit 638
$1,955
Available Now
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Unit 338
$1,930
Available Mar 2nd, 2027
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1 Bed • 1 Bath
$1,975 - $2,015
753 ft2
6 Available
Managed By: First & B of Rochester LLC
Unit 404
$1,975
Available Now
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Unit 406
$1,975
Available Now
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Unit 408
$2,015
Available Now
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Unit 504
$2,015
Available Now
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Unit 506
$2,015
Available Now
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Unit 510
$2,015
Available Now
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1 Bed • 1 Bath
$2,070
772 ft2
1 Available
Managed By: First & B of Rochester LLC
Unit 611
$2,070
Available Nov 19th, 2026
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1 Bed • 1 Bath
$2,350
905 ft2
1 Available
Managed By: First & B of Rochester LLC
Unit 624
$2,350
Available Nov 30th, 2026
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2 Beds • 2 Bath
$2,725 - $2,750
1084 ft2
2 Available
Managed By: First & B of Rochester LLC
Unit 641
$2,750
Available Now
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Unit 341
$2,725
Available Now
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2 Beds • 2 Bath
$2,890 - $3,025
1203 ft2
3 Available
Managed By: First & B of Rochester LLC
Unit 625
$2,920
Available Now
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Unit 325
$2,890
Available Now
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Unit 420
$3,025
Available Nov 15th, 2026
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2 Beds • 2 Bath
$2,265 - $3,395
1348 ft2
2 Available
Managed By: First & B of Rochester LLC
Unit 114
$2,265
Available Now
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Unit 115
$3,395
Available Now
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2 Beds • 1 Bath
$2,265 - $2,995
1246 ft2
7 Available
Managed By: First & B of Rochester LLC
Unit 101
$2,265
Available Now
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Unit 102
$2,495
Available Now
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Unit 103
$2,495
Available Now
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Unit 106
$2,995
Available Now
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Unit 107
$2,995
Available Now
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Unit 108
$2,995
Available Now
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Unit 109
$2,995
Available Nov 19th, 2026
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2 Beds • 2 Bath
$2,995
1393 ft2
1 Available
Managed By: First & B of Rochester LLC
Unit 437
$2,995
Available Now
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3 Beds • 2 Bath
$2,895 - $3,675
1280 ft2
4 Available
Managed By: First & B of Rochester LLC
Unit 636
$3,675
Available Now
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Unit 336
$2,895
Available Now
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Unit 436
$3,650
Available Now
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Unit 536
$3,650
Available Now
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3 Beds • 2 Bath
$3,195 - $3,775
1375 ft2
3 Available
Managed By: First & B of Rochester LLC
Unit 305
$3,195
Available Now
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Unit 405
$3,775
Available Now
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Unit 505
$3,775
Available Now
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Where you'll live
Street View
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Location ratings
Walk Score®
80
Very Walkable
Bike Score®
82
Very Bikeable
Amenities
Fitness Center
Bike Storage
Fees & leasing info
Pets
Dogs Ok
Cats Ok
Lease & Fees
Security Deposit: $500
Property details
Description

Experience sophisticated living at First & Banks in Rochester! Beautifully designed apartment homes feature contemporary finishes, open-concept layouts, and abundant natural light. Enjoy three rooftop decks, a fitness and yoga studio, and convenient community amenities. Located near downtown Rochester, the Mayo Clinic, and expansive outdoor recreation, First & Banks places comfort, luxury, and everyday essentials within easy reach.
Our Resident Benefit Package (RBP) simplifies the rental experience by combining the management of community amenities, essential services, and added resident conveniences into one monthly fee. The package is designed to provide a seamless living experience, with services and benefits tailored to each community.
*Rents, move-in specials, and availability are subject to change. Contact the property office for exact pricing and available units.
Required Fees:
Application Fee: $50 per applicant (one-time)
Administration Fee: $200 per unit (one-time)
Resident Benefit Package: $155–$185 per unit (monthly)
Security Deposit: $500 (one-time, refundable)
Utilities Not Included in Base Rent:
In-Unit Electricity
In-Unit Gas

Additional Details
Total Unit Count: 219
Last Updated: Updated 17 minutes ago
Contact Number: (507) 516-1027 ext: 5
Internet Providers
Provider Max Download Speed (Mbps) Max Upload Speed (Mbps)
Charter Communications 940.0 35.0
ViaSat, Inc. 100.0 3.0
Hiawatha Broadband Communications, Inc. 40.0 10.0
Hughes Network Systems, LLC 25.0 3.0
CenturyLink, Inc. 15.0 0.75
Data from June 2020 provided by the FCC
Photos Floor Plans Amenities
Affordability
To comfortably afford an apartment, we recommend having at least three times your monthy rent in gross household income.
View suggested annual incomes for First & Banks by bedroom type below.
Studio
Suggested income:
$67,700
per year
1 Bedroom
Suggested income:
$68,700
per year
2 Bedroom
Suggested income:
$106,300
per year
3 Bedroom
Suggested income:
$126,600
per year
Rent report

First & Banks Rent vs. Rochester Average

 First & Banks      Rochester Average
Studio
$1,881
$1,429
$0
$650
$1,300
$1,950
$2,600
1BR
$1,910
$1,580
$0
$650
$1,300
$1,950
$2,600
2BR
$2,953
$2,002
$0
$1,000
$2,000
$3,000
$4,000
3BR
$3,516
$2,318
$0
$1,150
$2,300
$3,450
$4,600

First & Banks is asking 32% more than the average studio apartment in Rochester.

If you upsized to an average priced Rochester 1 bedroom apartment, you would pay 10% more per month.

First & Banks provides 17% more square footage than the average Rochester studio apartment.

Monthly Rent Rent per Sq. Ft. Suggested
Monthly Income
First & Banks
Studio $1,881 $2.60 $5,644
1BR $1,910 $2.60 $5,729
2BR $2,953 $2.30 $8,858
3BR $3,516 $2.70 $10,549
Rochester Average
Studio $1,429 $2.40 $4,287
1BR $1,580 $2.20 $4,739
2BR $2,002 $1.80 $6,005
3BR $2,318 $1.50 $6,953
4BR $2,746 $1.10 $8,238

Availability in Rochester

In order to find the best deal, you need to know what types of units are available. Property managers may be willing to give concessions if they have many vacant units.

There are currently 222 1BR units on the market in Rochester. If you're looking to negotiate, this may be your best option.

Studio
1BR
2BR
3BR
4BR
8% 40% 40% 10% 2%
Available Units in Rochester
Studio 46
1BR 222
2BR 221
3BR 53
4BR 12
Location
Nearby College
FAQs
Is this property currently leasing units?
Yes. There are 63 available units at this property.
How many units are move-in ready in the next 2 months?
This property has 62 units available for move-in over the next 2 months. 56 units are vacant and ready for immediate occupancy.
What's the square footage of the available units?
The available units range from 642 to 1,739 square feet.
Does this property allow cats or dogs?
This property allows tenants to keep cats and dogs.
How many bedrooms are in the available units?
There are studio, 1, 2 and 3 bedroom units available.
How many bathrooms are in the available units?
There are 1 and 2 bathroom units available.
What's the monthly rent at this property?
Rent on available units ranges from $1,775 to $3,775. First & Banks has studio units available starting at $1,775, 1 bedroom units available starting at $1,799, 2 bedroom units available starting at $2,265, and 3 bedroom units available starting at $2,895.
Where is this property located?
This property is at 705 1st Ave SW in Rochester, MN. It's 0.4 miles southwest from the center of Rochester.
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